Moody's alters Ventas outlook to stable

Moody's Investors Service said it changed the outlooks for Ventas Inc.'s subsidiaries, including Ventas Realty LP, Ventas Canada Finance Ltd. and Nationwide Health Properties, Inc. to stable from negative.

“The stable outlook reflects the REIT's improving cash flows, as its senior housing operating portfolio (37% of 1Q22 income) continues to recover income lost through the first year of the pandemic. Senior housing demand remains strong, and we expect rising cash flow will drive further reductions in Ventas's leverage. The pace of recovery will be largely dependent on the direction of labor costs, but we expect Ventas's net debt/EBITDA will be back within its targeted range by year-end 2023,” Moody’s said in a press release.

Concurrently, the agency affirmed the Baa1 senior unsecured ratings of the subsidiaries.

Additionally, Moody’s assigned a (P)Baa2 preferred stock shelf rating to Ventas.

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